Pakistan, Saudi Arabia secure $560m in investment deals
PM hopeful of further cut in policy rate after decline in inflation
ISLAMABAD: Prime Minister Shehbaz Sharif has lauded a record decline in inflation to 4.9% after almost six-and-a-half years, expressing hope that the remarkable development will lead to further cuts in the key policy rate.
“It is beyond imagination,” said the premier addressing a federal cabinet session in Islamabad on Monday, adding that inflation is a tool that can be used to improve the financial condition of the masses, while at the same the increase in inflation increases the hardship of poor people.
Chairing a review meeting, Prime Minister, Muhammad Shehbaz Sharif expressed his satisfaction with the progress in cooperation and investment projects between Pakistan and Saudi Arabia, hailing the longstanding friendship between the two nations.
Pakistan and Saudi Arabia have concluded seven agreements valued at $560 million.
This follows the signing of 34 memoranda of understanding (MoUs) between the two countries in a brief span, highlighting their commitment to deepening bilateral investment across multiple sectors.
The prime minister highlighted that Pakistan’s collaboration with Saudi Arabia continued to grow across various sectors, underscoring the strategic partnership between the two countries.
“Saudi Arabia has been a reliable partner in Pakistan’s challenging times, and we are committed to deepening this cooperation,” Prime Minister Shehbaz said.
The meeting also included a briefing on the remarkable progress of bilateral investments.
The meeting was briefed about the progress on bilateral cooperation in various fields in the second meeting of the Pakistan Saudi Arabia Joint Task Force held in November.
The meeting was attended by Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar, Finance Minister Muhammad Aurangzeb, Minister for Petroleum Dr. Musaddik Malik, and National Coordinator of the Special Investment Facilitation Council Lieutenant General Sarfaraz Ahmed.
During the briefing, PM Sharif was informed that, out of the 34 MoUs signed, seven have been formalized into binding agreements worth $560 million, with investments spanning across key sectors.
Premier lauded the progress of the ongoing projects and reiterated Pakistan’s desire to strengthen its ties with Saudi Arabia, a longstanding ally.
“Saudi Arabia has always been a reliable partner for Pakistan, supporting us through challenging times,” Sharif said, adding that the government is committed to expanding cooperation in areas like economic development, energy, and infrastructure.
Meanwhile, chairing the Federal Cabinet meeting in Islamabad, Prime Minister Shehbaz Sharif says inflation has decreased as a result of continued efforts of the government and now there is a need to focus on growth.
, he said it is good news that the inflation has come down to 4.9 percent to the lowest level in last 70 months.
The Prime Minister expressed the confidence that the reduction in inflation will lessen common man’s burden. He hoped that the State Bank of Pakistan may reduce policy rate as a result of decrease in the inflation rate. Staff Report
